PUSHFOR Enters Into an Option Agreement with Primus Resources on Lithium Project in Western Nevada
Delta, British Columbia, Sept. 11, 2023 (GLOBE NEWSWIRE) — Pushfor Tech Inc. (the “Company” or “Push”) (CSE: PUSH) (OTC Pinks: PUSOF) has entered into an option agreement with Primus Resources (“Primus”), a Nevada-based privately held company, whereby Push has secured the rights to earn a 100% interest in the AT Lithium Project, (the “Project”). This agreement with Primus provides Push an opportunity to be involved within the active Esmerelda Lithium corridor of Western Nevada with only modest cash expenditures required for the first two years of a six-year option.
While the Company plans its review of the Project over the next year or two, it continues to work with its existing technology assets, and its new management team is looking at other acquisitions in various fields, including clean energy and agribusiness, to help drive shareholder value.
About the AT Lithium Prospect
The AT Property is situated in the Amargosa Valley within Nye County, Nevada. It can be reached by travelling southeast on Hwy 95 from Beatty for 29 miles to Lathrop Wells / Amargosa Valley, then south on Nevada Highway 373 for thirteen miles to the northern boundary of the claim block.
The AT Property consists of 131 lode mining claims situated on unencumbered BLM land in the State of Nevada. The AT Property currently encompasses approximately 2,600 acres of Bureau of Land Management (BLM) Public Domain.
The AT Property was initially identified from information in USGS Professional Paper 918: Lithium in Unconsolidated Sediments and Plants of the Basin and Range Province, Southern California and Nevada (1975).
Summary of Terms for the AT Lithium Option Agreement
Under the terms of the option agreement, Push will, at its option, make the following cash and share payments and work commitments to Primus if the results of its investigative programs warrant. No shares will be issued until the third year, assuming the Company determines to continue with the option agreement.
| Term | Cash Payments | Work Commitments | Share Payments | ||
| At closing | $50,000 (paid) | n/a | |||
| 1st Anniversary | $40,000 | ||||
| 2nd Anniversary | $50,000 | $75,000 | 100,000 shares | ||
| 3rd Anniversary | $50,000 | $150,000 | 100,000 shares | ||
| 4th Anniversary | $50,000 | $225,000 | 100,000 shares | ||
| 5th Anniversary | $50,000 | $350,000 | 100,000 shares | ||
| 6th Anniversary | $395,000 | ||||
| Totals | $675,000 | $800,000 | 400,000 shares | ||
NSR
Under the terms of the agreement, Primus will receive a 2.0% Net Smelter Return (“NSR”) with buydown provisions allowing the Company to purchase one-half of the NSR, representing 1% for $1.5 million.
Next Steps at the AT Lithium Prospect
Push plans to commence a basic Phase I exploration of its proposed systematic work program at the AT property this fall. The initial exploration will begin with geological mapping, prospecting, soil geochemistry, and possibly some auger drilling. The objective of the work will be to delineate near-term drill targets, with a plan to do follow-up with first-pass RC drilling as soon as permits have been received.
ON BEHALF OF THE BOARD
“Lucky Janda”
Lucky Janda, CEO & Director
1-604-357-4731
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including, without limitation, statements that address the timing and content of certain agreements and developments. Forward-looking statements address future events and conditions based on several estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include Covid-19 restrictions, market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.”
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